- Mr. Eric Cheng, a self-made millionaire and entrepreneur in real estate development, has acquired a 100% stake in Japanese FSA-licensed FX Trade Financial Co., Ltd, an FX trading platform, as well as BitTrade, a licensed crypto currency trading platform headquartered in Japan.
- The parties intend to aggressively scale this trading platform into the largest in Japan with the potential to extend its services globally
- The Group will also provide more trading options and services, enhance its user interface for an international audience and strengthen cyber-security measures
- Mr. Cheng becomes the first foreigner to own a 100% stake in a Japanese FSA-licensed crypto currency trading platform
SINGAPORE, May 30, 2018 /PRNewswire/ -- Singaporean entrepreneur Mr. Eric Cheng, CEO of Upper Joyful Limited, announced today the acquisition of two Japanese licensed companies that operate foreign exchange and crypto currency trading. The acquisition, for S$67 million[1] will see Mr. Cheng take a 100% controlling stake in FX Trade Financial Co., Ltd ("FX Trade) and its affiliate company, BitTrade Co., Ltd. ("BitTrade"). Through this acquisition, Mr. Cheng becomes the first foreign investor to hold a 100% stake in a Japanese Financial Service Agency ("FSA") licensed trading platform.
FX Trade is one of Japan's leading forex trading platforms while BitTrade is positioned to capture the growing demand for crypto currency trading, with such platforms having been officially legalized last year by the Japanese government. The enlarged platform is expected to reap synergies amid rising demand for trading in forex and crypto currencies that has swept across the globe. In addition, nearly one-third of global bitcoin transactions in December 2017 were denominated in yen.
BitTrade is one of only 16 regulated and Japanese government-approved crypto currency trading platforms. In a similar acquisition, media giant Yahoo Japan invested between USD 18.5 million to USD 27.8 million for a 40% stake in BitARG, a crypto currency exchange which had also been granted a license from the country's Financial Service Agency ("FSA") to operate a domestic crypto currency trading platform.
The management team of both platforms will aggressively scale up the platform to provide more trading options and services, enhance its international user-friendly experience. Leveraging on Mr. Cheng's extensive network, the team will also scale the platform in other regions across the globe.
Speaking on the acquisition Mr. Cheng commented: "The crypto currency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally."
[1] Based on the SGD/USD exchange rate of 1.34 on 28 May 2018; the acquisition price for the 100% stake was USD 50 million
About Mr. Eric Cheng
Mr. Cheng is the Founder and CEO of the Sevens Group of companies which invests in real estate development, automobiles and other investments. Mr. Cheng is a multi-award-winning entrepreneur and a self-made multi-millionaire through his global real estate investments. Mr. Cheng has been the recipient of several notable awards including the Young Entrepreneur of the Year Award in 2008, the Entrepreneur of the Year award in 2010 and the Young Entrepreneur of the Year at the 2011 Asia-Pacific Entrepreneurship Awards. He has held several C-suite level management positions in listed companies across Asia.
Mr. Cheng is frequently sought for his valuable insights by various media such as Channel NewsAsia, BBC, The Strait Times, LianHe Zaobao and The China Post. He has also authored 3 popular bestseller books in Singapore.
About FX Trade Financial Co., Ltd
Headquartered in Japan, and established in 2006, FX Trade Financial Co., Ltd ("FX Trade") aims to provide the highest quality of FX Trading and Binary Option services with outstanding user-friendliness, reliability, functionality and price competitiveness through the Internet for both PC and mobile users. By combining the experience of FX trade professionals with state-of-the-art information technology, the group's vision is to be a leading foreign exchange platform in the retail market by providing stable trading opportunities attractive enough for the greatest possible number of investors to safely participate.
FX Trade operates under a no-commission, price-competitive business model. It was voted as the Best Binary Option Broker at the Forex Magnates Tokyo Summit July, 2013.
For more information, visit https://www.fxtrade.co.jp/en/
About BitTrade Co., Ltd.
Founded in 2016, BitTrade is one of the leading crypto currency exchanges in Japan. BitTrade is one of only 16 regulated and Japanese government FSA-approved crypto currency trading platforms. With BitTrade, users are able to monitor their accounts 24/7 with high-definition charting and technical indicators all on one easy-to-use platform. Users may trade Bitcoin, BitcoinCash, Ripple, Etherum, Litecoin, Monacoin and many other crypto currencies at the touch of a finger. The platform is known for its fast execution, outstanding trading support and high security.
For more information, visit https://bittrade.co.jp/
For media enquiries, please contact:
Mr. Kamal Samuel /Mr. James Bywater
Financial PR Pte Ltd
Tel: +65 6438 2990
Kamal@financialpr.com.sg
James@financialpr.com.sg